F&O Market Recap for 8 December 2021

Index Action 

Nifty50

Nifty50 saw a broad-based rally for the second consecutive day. Most major sectors contributed to the rise and it closed near the day’s high. Nifty50 closed 293 points higher at 17,469.

Nifty50’s monthly options expiring on December 30 have sizable positions at 18,000 and 17,500 call options and 17,000 and 16,000 put options. 

Nifty50’s weekly options expiring on December 9 have sizable positions at 17,600 and 17,700 call options and 17,000 and 17,400 put options. 

As per options data, the broad range for Nifty50, is  between 16,150 and 18,200 levels. Its immediate support is at 16,900 and resistance is at 17,600 levels.

Bank Nifty

Bank Nifty too, saw strong buying interest as it traded above 37,000 for most of the day and closed comfortably in the green. It closed 666 points higher at 37,284.

Bank Nifty’s monthly options expiring on December 30 have sizable positions at 38,000 and 37,500 call options and 36,000 and 36,500 put options. 

Bank Nifty’s weekly options expiring on December 9 have sizable positions at 38,000 and 37,500 call options and 36,500 and 37,000 put options. 

As per the options data, the broad range for Bank Nifty is between 35,500 and 38,400 levels. Its immediate support is at 36,100 and resistance is at 37,800 levels. 

Stock Action

Today’s top gainers were Dixon Technologies, Granules, Biocon, Delta Corp and Mindtree. 

Today's top losers were Whirlpool, Vedanta, CONCOR, GMR Infra and HDFC Life. 

Sector Update 

Media and Auto sectors, followed by IT, emerged as the leading sectors today with buying interest. Stocks like Sun TV, PVR, Balkrishna Industries, Maruti Suzuki and Mindtree closed in the green. 

No major sectoral index closed in the red today.

Major News

RBI announced its monetary policy today where it maintained its stance as “accommodative” and opted to keep the repo and reverse repo rates unchanged. The projection for real GDP growth in 2021-22 has been retained at 9.5%. RBI has maintained its consumer inflation forecast for FY22 at 5.3% and said that it expects CPI to peak in Q4 FY22 and subdued after that.